The news: Wells Fargo announced that its virtual assistant, Fargo, has handled more than 1 billion customer interactions since it was launched less than three years ago. The bank added that its mobile app had more than 33 million active users in February.

Trendspotting: Fargo competes directly with Bank of America’s Erica, Capital One’s Eno, U.S. Bank’s Smart Assistant, Chase’s Digital Assistant, and Truist Assistant. Like many banking apps, Fargo enables users to prompt it in natural language to complete routine tasks like balance checks, account information searches, and money transfers.

Zoom out: According to our US Mobile Banking Emerging Features Benchmark 2025, having a virtual assistant in a mobile app isn’t special anymore. The next level is the ability to connect with a live agent, typically when the virtual assistant has failed to resolve an inquiry. That feature—which drove Bank of America and Wells Fargo to the top of the customer service category—is available for six of the top 10 US banks at the time of the study.

Implications for banks: Top banks are running out of ways to leapfrog their closest competitors with mobile features. When even the very best apps are reduced to a checklist, they are nearly indistinguishable. The next frontier in mobile banking may be digital money management. For example, subscription management is in high demand, but it’s absent from the market; none of the top 10 banks offer dynamic budgeting.

But financial institutions have bigger concerns than the next mobile feature. According to our June 2025 report Future-Proofing Banking Through Customer-Centric Journeys, banks should use behavior and spending patterns to understand what customers need next, which manifests in the digital experience. Proactive, personalized advice is something no bank has reliably accomplished.